PHOTO: 123RFHow much income do you want to earn from investing?
OPINION: It’s now more than 30 years ago that I started in property investing, and I knew virtually nothing about it. Back then, there wasn’t a lot of information around, so it was more trial and error for me for quite a number of years.
Many beginning property investors today also have no idea where to start, who to talk to, or even why they are getting into it.
I think the biggest thing to ask yourself if you are starting is “why”? Is it because it’s a popular thing to do? Is it because your friends are doing it? Is it so you can own property for a while and then sell and hopefully double your money? Is it more of a long-term goal to have retirement income, or is it just to supplement your other income? Is it because you dislike your job? Or is it because you love property and have a huge passion for it?
For me, I was a motor mechanic in my early 20s and I didn’t want to keep working on cars for another 40 or 45 years until I reached 65. Although I really loved being a mechanic, I wanted something more out of life long-term.
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